ISCOVER
The new platform verifies more information ahead of loan applications to help simplify the mortgage process for brokers.
AMP Bank has unveiled a new platform for brokers aimed at cutting common pain points from the home loan process to make it quicker and easier for brokers to facilitate mortgages.
The new platform, which will be rolled out to all AMP brokers and aggregators from 14 August, offers upfront income and expense verification, upfront credit policy checks, and quicker ID verification.
During a launch event in Sydney on Thursday (30 July), AMP Bank’s leadership team outlined how the platform could give brokers greater control over mortgage applications via live status updates while issuing loan documents in 90 seconds via DocuSign.
At least 50 brokers have piloted the new end-to-end loan application software, developed in partnership with fintechs, including Simpology, MSA National, and Fortiro.
The software works alongside technology from software providers, including Fortiro, Equifax, illion, Cotality, and IDVerse, to speed up time to loan approval and improve fraud detection.
Speaking to The Adviser, Melissa Christy, AMP Bank’s head of lending origination, said the new platform offered advantages over rival tech.
“The key thing for this is the focus on verifying as much as possible upfront before they [brokers] actually submit. No one else is doing that,” she said.
“[It will verify] income, expenses, running credit rules, and decisioning rules all before they submit, which gives the broker more confidence when they submit an application that it’s going to be approved.”
Alongside a pilot scheme, AMP has been meeting with brokers every fortnight to get their feedback on the platform’s design.
Paul Herbert, AMP Bank’s head of distribution, told The Adviser that broker feedback had heavily influenced the platform.
“Pilot brokers have done a lot of heavy lifting and provided a lot of feedback around how integrations worked within their customer relationship management (CRM) systems and the flow through of critical data. And the feedback has been outstanding,” Herbert said.
“We spent a lot of time uncovering the pain points within the broker experience.”
When asked about the biggest problems that the broker platform aims to address, Herbert said: “We knew that we needed to reduce the effort and the duplication of effort through the process, and that’s the effort for the customer and for the broker.
“The second thing we want to do is ensure that we deliver a really consistent service experience. We can’t be the cheapest in market all the time, we can’t be the fastest market all the time, but what we can do is deliver really reliable experiences.”
Platform is ‘radical step change’ for brokers
AMP Bank plans to start rolling out the platform to its remaining aggregators from 14 August.
To accelerate broker uptake, AMP has launched a training hub incorporating webinars, reference guides, and training videos to help ease issues for the platform’s users.
Looking ahead, Herbert said AMP Bank was open to feedback to make further changes to the platform.
He also teased that future enhancements in the longer term may be considered.
“I think the reality is the platform that we’re delivering to market is a radical step change in direction… The sort of steps beyond this are how do we start to bring our system closer to the broker and closer to our aggregator partner, so it creates less steps in the flow, and it brings decision-making even closer to the broker?” Herbert said.
“Ideally, in a future state, we’d love to be able to say that what we do appears in broker CRM systems, which is kind of the step beyond this but that’s a long way off.”
The broking industry has been through a groundswell of new tech recently, with Australian mortgage brokers increasingly at the forefront of technological innovation, developing their own platforms to address common industry challenges.
As well as widely adopted broker-built technology such as CRM BrokerEngine, software provider LoanOptions.ai technology, serviceability platform Quickli, and The Brokers’ Bible, recent additions include scenario tech Cynario and portable CRM system Emerald Edge.
You can find out more about the cutting-edge tools that mortgage and finance brokers are using in the April edition of The Adviser magazine here.
[Related: AMP Bank trials new lending platform in broker pilot]
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